As you make way towards the corporate world, you must strive to build personal credit history as well. Thus, by the time you graduate from college, you’ll be in a much better position to deal with financial companies and even potential employers.
Students have several options when starting to build credit. Consider the following options and choose one that suits you best:
Student Credit Cards. Credit card issuers grant easy approval to college students. In fact, they even distribute fliers at campuses to encourage young people to sign up. However, under the New Credit Card Law, such marketing campaigns will not be allowed within 1,000 feet at school campuses.
The New Law also restricts young adults who are under the age of 21 from getting their first credit card unless they have a co-signer or they can show proof of independent income. If you are under 21, you must have a parent or a guardian with good credit history to back up your account.
Before signing up for a college credit card, carefully evaluate your choices. Compare the rates and fees, as well as the Terms of using the card. Start with one student credit card only to reduce the risk of overspending and bad debt.
Secured Credit Cards. A secured credit card is another option since anyone can get approved, even with no credit or bad credit history. However, secured cards require a cash deposit which can range from $200 to $500 and up. The amount of deposit you make will also define your credit limit.
Read Full Article: Credit Building Options for Students
Students have several options when starting to build credit. Consider the following options and choose one that suits you best:
Student Credit Cards. Credit card issuers grant easy approval to college students. In fact, they even distribute fliers at campuses to encourage young people to sign up. However, under the New Credit Card Law, such marketing campaigns will not be allowed within 1,000 feet at school campuses.
The New Law also restricts young adults who are under the age of 21 from getting their first credit card unless they have a co-signer or they can show proof of independent income. If you are under 21, you must have a parent or a guardian with good credit history to back up your account.
Before signing up for a college credit card, carefully evaluate your choices. Compare the rates and fees, as well as the Terms of using the card. Start with one student credit card only to reduce the risk of overspending and bad debt.
Secured Credit Cards. A secured credit card is another option since anyone can get approved, even with no credit or bad credit history. However, secured cards require a cash deposit which can range from $200 to $500 and up. The amount of deposit you make will also define your credit limit.
Read Full Article: Credit Building Options for Students
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